Group 1: PCB Industry Insights - The rapid development of AI technology is driving the upgrade of CCL/PCB products towards high-end specifications, significantly increasing their value [3][7][8] - The demand for AI is expected to maintain a high growth trend, with domestic companies gradually becoming important suppliers in the high-end market due to long-term strategic positioning [3][7] - The PCB industry is projected to see continuous profit growth as high-value products like AI PCBs experience sustained demand, with recommended companies including Nan Ya Plastics, Shenghong Technology, and others [3][7][8] Group 2: Real Estate Market Analysis - National real estate investment and sales showed overall stability in May, with investment amounting to 3.6 trillion yuan, a year-on-year decrease of 10.7% [4][10][12] - The sales area of new commercial housing in May was 70.53 million square meters, down 3.3% year-on-year, indicating a slight decline in market activity [10][12] - The report suggests a focus on companies with lighter historical burdens and strong product capabilities, such as China Overseas Development and Poly Developments, as well as those in the valuation recovery phase like New Town Holdings [4][10][12] Group 3: Food and Beverage Sector - The liquor sector is undergoing adjustments, with the liquor index dropping by 5.31% recently, and expectations for improvement in the future [4][13] - The report highlights three main lines of focus: high-end liquor with relatively strong demand, mid-range liquor with ongoing national expansion, and real estate liquor products [4][13][14] - In the broader consumer goods market, structural prosperity is emerging, with new consumption categories driven by emotional value and health needs gaining traction [14]

食品饮料周报 白酒持续调整，关注高景气大众 品 证券研究报告 请务必阅读正文后免责条款 食品饮料行业 强于大市（维持） 平安证券研究所 食品饮料团队 分析师：张晋溢 S1060521030001（证券投资咨询） 邮箱：ZHANGJINYI112@pingan.com.cn 分析师：王萌 S1060522030001（证券投资咨询） 邮箱：WANGMENG917@pingan.com.cn 分析师：王星云 S1060523100001（证券投资咨询） 邮箱：WANGXINGYUN937@pingan.com.cn 2025年6月16日 食品饮料周报-观点 白酒行业 食品行业 风险提示：1）宏观经济疲软的风险；2）行业竞争加剧风险；3）重大食品安全事件的风险。 资料来源：Wind，平安证券研究所 本周白酒指数（中信）累计涨跌幅-5.31%。涨跌幅前三的个股为：金种子酒（-1.28%）、顺鑫农业（-1.60%）、伊力特（- 2.09%）；涨跌幅后三的个股为金徽酒（-8.33%）、今世缘（-8.80%）、古井贡酒（-9.78%）。 观点：白酒持续调整，期待后续改善。白酒板块持续调整，上周白酒指数下跌5.31%。据今日 ...

其 他 报 告 2025年06月16日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3377 | -0.75 | 1.13 | | 深证成份指数 | 10122 | -1.10 | 1.42 | | 沪深300指数 | 3864 | -0.72 | 0.88 | | 创业板指数 | 2044 | -1.13 | 2.32 | | 上证国债指数 | 225 | 0.03 | 0.08 | | 上证基金指数 | 6914 | -0.09 | 0.17 | | | | 资料来源:同花顺iFinD | | | 海外市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 中国香港恒生指数 | 23893 | -0.59 | 2.16 | | 中国香港国企指数 | 8655 | -0.85 | 2.34 | | 中国台湾加权指数 | 22073 | -0.96 | 1.47 | | 道琼斯指数 | 42198 | - ...

Investment Rating - The report maintains an "Outperform" rating for the oil and petrochemical sector [1]. Core Viewpoints - The escalation of conflicts related to nuclear issues between Israel and Iran has led to a significant increase in oil prices, with WTI crude futures rising by 13.81% and Brent oil futures increasing by 12.80% from June 6 to June 13, 2025 [6]. - Geopolitical tensions, particularly the ongoing conflict between Ukraine and Russia, have contributed to market volatility and concerns over oil supply [6]. - The report highlights that while there are short-term price increases due to geopolitical risks, there are long-term concerns regarding oversupply in the oil market [7]. Summary by Sections Oil and Petrochemical - The report notes that the geopolitical situation has led to a rise in oil prices, with specific data indicating a 13.81% increase in WTI and a 12.80% increase in Brent prices during the specified period [6]. - The U.S. has seen a notable increase in gasoline and jet fuel demand as the summer travel season approaches, despite a current oversupply in gasoline and distillate inventories [6]. - OPEC's production increase in May was below expectations, alleviating some concerns about oversupply in the short term [6]. Fluorochemical - The upcoming 618 shopping festival is expected to boost demand for air conditioning, with production of household air conditioners projected to increase by 29.3% and 22.8% year-on-year in June and July 2025, respectively [6]. - Prices for refrigerants such as R32 and R134a remain high due to strong demand and supply constraints [6]. - The report suggests that the supply of second-generation refrigerants will continue to decrease, while the production of third-generation refrigerants is limited, supporting price stability [6]. Semiconductor Materials - The semiconductor materials sector is experiencing a positive trend with inventory reduction and improving end-market conditions, suggesting a potential rebound in the industry index [7]. - The report recommends focusing on companies involved in semiconductor materials as the market shows signs of recovery [7].

其 他 报 告 2025年06月13日 晨会纪要 | 国内市场 | | 涨跌幅（%） | | | --- | --- | --- | --- | | 指数 | 收盘 | 1日 | 上周 | | 上证综合指数 | 3403 | 0.01 | 1.13 | | 深证成份指数 | 10234 | -0.11 | 1.42 | | 沪深300指数 | 3892 | -0.06 | 0.88 | | 创业板指数 | 2067 | 0.26 | 2.32 | | 上证国债指数 | 225 | 0.00 | 0.08 | | 上证基金指数 | 6920 | 0.00 | 0.17 | | | | 资料来源:同花顺iFinD | | 今日重点推荐： 【平安证券】行业深度报告*电子*AI系列专题报告（一）算力：算 力基建景气度高，国产AI芯片发展势头良好*强于大市20250612 研究分析师 : 闫磊 投资咨询资格编号 : S1060517070006 研究分析师 : 陈福栋 投资咨询资格编号 : S1060524100001 核心观点 : 投资建议：DeepSeek火爆出圈，轻量化、低成本、高性能，推理场景 逐渐打开，推理端 ...

债券 2025 年 6 月 12 日 美债流动性系列之二 美债一级市场如何运行？ 证券分析师 | 刘璐 | 投资咨询资格编号 | | --- | --- | | | S1060519060001 | | | LIULU979@pingan.com.cn | 研究助理 王佳萌 一般证券从业资格编号 S1060123070024 WANGJIAMENG709@pingan.com.cn 平安观点： 国债拍卖是弥补美国联邦政府赤字和对到期债务再融资的主要手段，一级 市场的 买入是债券投资者动用真金白银表达观点，因此国债拍卖的结果能够提供 关于债 券供需的实时线索。本文介绍了美债拍卖的流程、参与者和美债一级市场 流动性 的观察指标。 债 券 报 告 债 券 动 态 跟 踪 报 告 证 券 研 究 报 告 拍卖流程方面，1）美国财政部会在每年 1、4、7、10 月底左右发布本季度 和下季度的融资计划和未来三个月的拍卖规模。2）在具体拍卖日期方 面， 财政部会提前一天至一周左右发布拍卖公告，公布发行的期限和金额。3） 在财政部发布拍卖公告后，投资者就开始在预发行（When-Issued）市场进 行提前交易。4）拍卖当天， ...

Investment Rating - The report maintains an "Outperform" rating for the automotive industry [1] Core Insights - The report highlights the resilience of private car manufacturers, emphasizing their strong profitability and the acceleration of advanced driver-assistance systems (ADAS) by 2025. Key players like BYD and Geely are expected to lead in this area [3][13] - The report notes that new energy vehicle (NEV) sales are projected to remain robust, particularly in the second half of 2025, driven by favorable policies and tax exemptions [12][10] - State-owned enterprises are facing profitability challenges but are actively collaborating with Huawei to transform their business models towards electrification and smart technologies [4][16] Summary by Sections 1. Overall Automotive Industry - The automotive sales in China surpassed 30 million units in 2023, with exports being a significant growth driver. Domestic sales have not yet returned to 2017 levels [6][7] - Policies such as the vehicle replacement program are expected to stimulate demand, potentially adding 3.5 million units in 2025 [11][10] 2. Major Private Car Manufacturers - Private manufacturers are showing strong operational resilience, with profitability driven by high-end strategies, exports, and NEV scale effects. BYD's net profit for 2024 is projected at 37 billion yuan, a 29.9% increase year-on-year [14][15] - The report indicates that private manufacturers are leading the penetration of ADAS in the market, with significant advancements expected by 2025 [24][25] 3. Major New Forces in Automotive - New entrants are under pressure to achieve self-sustainability, with a focus on new product launches to validate growth potential. Companies like Li Auto and Xpeng are expected to introduce new models in 2025 [32][40] - The report notes that while losses are narrowing for these companies, the urgency to establish self-funding capabilities is increasing due to changes in the financing environment [37][39] 4. Major State-Owned Enterprises - State-owned enterprises are experiencing weaker profitability due to various factors, including declining investment returns from joint ventures and challenges in achieving scale in NEVs [16][4] - Collaborations with Huawei are being intensified to facilitate the transition towards smart and electric vehicles [4][16] 5. Investment Recommendations - The report recommends investing in private manufacturers like Seres, BYD, Great Wall Motors, and Geely due to their strong profitability and market positioning. It also suggests monitoring new entrants like Li Auto, Xpeng, and Xiaomi for their growth potential [3][4]

证券研究报告 白银:工业属性渐显，静待价值重估 有色金属强于大市（维持） 平安证券研究所 分析师：陈潇榕S1060523110001（证券投资咨询） 邮箱：chenxiaorong186@pingan.com.cn 分析师：马书蕾S1060524070002（证券投资咨询） 邮箱：mashulei362@pingan.com.cn 2025年6月12日 请务必阅读正文后免责条款 核心摘要 供给端：供应刚性逐步凸显，成本中枢趋势抬升。全球白银2016-2024年供应总量CAGR达-0.5%。2024年全球矿产银总供给中伴生矿产量 占比约72.2%，供给结构决定了白银供给对银价的正相关性较弱，白银供给影响因素相对外生，银价中枢的走高难以直接刺激出白银产 量的增量释放。2018-2024年全球白银平均现金成本CAGR达14.6%。2024年矿产银成本下降，副产品收益为成本变动的核心因素。 需求端：工业需求增长持续，短缺格局或仍延续。2024年全球白银工业需求占比约58.5%，2024年白银工业需求同比增长3.6%，光伏需 求为近年来工业需求第一大增长极。光伏银浆单耗现边际下降趋势，但受益于新增装机规模持续提升以及组 ...

银行 2025 年 6 月 12 日 行业深度报告 险资银行板块配置研究：风格匹配，正当其时 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业年度策略报告*银行*盈利磨底， 固本培元*强于大市 20241213 证券分析师 | 袁喆奇 | 投资咨询资格编号 | | --- | --- | | | S1060520080003 | | | YUANZHEQI052@pingan.com.cn | | 许淼 | 投资咨询资格编号 | | | S1060525020001 | | | XUMIAO533@pingan.com.cn | 研究助理 李灵琇 一般证券从业资格编号 S1060124070021 LILINGXIU785@pingan.com.cn 平安观点： 行 业 报 告 行 业 深 度 报 告 证 券 研 究 报 告 请通过合法途径获取本公司研究报告，如经由未经许可的渠道获得研究报告，请慎重使用并注意阅读研究报告尾页的声明内容。 险资投资银行股复盘：温故知新，高股息投资趋势正当时。纵观险资投资 银行股脉络，历史上总共有 2015 年、2020 年和 2024 年开始的三次险资 举牌潮，驱动 ...

证券研究报告 白银:工业属性渐显，静待价值重估 有色金属强于大市（维持） 平安证券研究所 分析师：陈潇榕S1060523110001（证券投资咨询） 邮箱：chenxiaorong186@pingan.com.cn 分析师：马书蕾S1060524070002（证券投资咨询） 邮箱：mashulei362@pingan.com.cn 2025年6月12日 请务必阅读正文后免责条款 核心摘要 供给端：供应刚性逐步凸显，成本中枢趋势抬升。全球白银2016-2024年供应总量CAGR达-0.5%。2024年全球矿产银总供给中伴生矿产量 占比约72.2%，供给结构决定了白银供给对银价的正相关性较弱，白银供给影响因素相对外生，银价中枢的走高难以直接刺激出白银产 量的增量释放。2018-2024年全球白银平均现金成本CAGR达14.6%。2024年矿产银成本下降，副产品收益为成本变动的核心因素。 需求端：工业需求增长持续，短缺格局或仍延续。2024年全球白银工业需求占比约58.5%，2024年白银工业需求同比增长3.6%，光伏需 求为近年来工业需求第一大增长极。光伏银浆单耗现边际下降趋势，但受益于新增装机规模持续提升以及组 ...